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      The effect of demand uncertainty on the decisions and revenues in the two-class revenue management model

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      Author
      Kocabiyikoglu, A.
      Date
      2015
      Source Title
      İktisat İşletme ve Finans
      Print ISSN
      1300-610X
      Publisher
      Bilgesel Yayincilik San. ve Tic. Ltd.
      Volume
      30
      Issue
      347
      Pages
      95 - 120
      Language
      English
      Type
      Article
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      Abstract
      We explore the impact of changes in market conditions on optimal allocation decisions and revenues, within the standard two-class revenue management framework, using stochastic dominance relations. We show that an increase in market size leads to higher revenues, and the number of units allocated to the high-end class increases in its market size. The direction of the change in optimal allocation and revenues in response to changes in the variability of the high-end market depends on the relationship between the high and lowend prices. Our structural and numerical results suggest higher variability in the market is generally detrimental to revenues.
      Keywords
      Revenue Management
      Production Management
      Permalink
      http://hdl.handle.net/11693/12567
      Published Version (Please cite this version)
      http://dx.doi.org/10.3848/iif.2015.347.3789
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